Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and goodwill

A. Intangible assets

Intangible assets were comprised of the following:



		September 30, 2020
(Millions of dollars)	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	15	$	2,453	$	(1,533)	$	920
Intellectual property	11	1,522		(1,131)		391
Other	13	181		(129)		52
Total finite-lived intangible assets	14	$	4,156	$	(2,793)	$	1,363


		December 31, 2019
	Weighted Amortizable Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	15	$	2,450	$	(1,406)	$	1,044
Intellectual property	12	1,510		(1,055)		455
Other	13	191		(125)		66
Total finite-lived intangible assets	14	$	4,151	$	(2,586)	$	1,565

Amortization expense for the three and nine months ended September 30, 2020 was $78 million and $236 million, respectively. Amortization expense for the three and nine months ended September 30, 2019 was $81 million and $244 million, respectively. Amortization expense related to intangible assets is expected to be:


(Millions of dollars)

Remaining Three Months of 2020	2021	2022	2023	2024	Thereafter
$76	$296	$278	$220	$162	$331

B. Goodwill

No goodwill was impaired during the nine months ended September 30, 2020 or 2019.

The changes in carrying amount of goodwill by reportable segment for the nine months ended September 30, 2020 were as follows:



(Millions of dollars)	December 31, 2019		Acquisitions		Other Adjustments 1		September 30, 2020
Construction Industries
Goodwill	$	306	$	—	$	6	$	312
Impairments	(22)		—		—		(22)
Net goodwill	284		—		6		290
Resource Industries
Goodwill	4,156		—		40		4,196
Impairments	(1,175)		—		—		(1,175)
Net goodwill	2,981		—		40		3,021
Energy & Transportation
Goodwill	2,875		41		19		2,935
All Other 2
Goodwill	56		—		2		58
Consolidated total
Goodwill	7,393		41		67		7,501
Impairments	(1,197)		—		—		(1,197)
Net goodwill	$	6,196	$	41	$	67	$	6,304

1 Other adjustments are comprised primarily of foreign currency translation.

2 Includes All Other operating segment (See Note 16).